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Estate plan now or wait until Jan 2018?

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  • adventure
    replied




    i think it will be better to wait.
    Click to expand...


    Why ?

    : )

    Leave a comment:


  • thomashackett
    replied
    Does a doctor give free advice as a cost of doing business? Finding out if the patient needs more medical services, referring the patient to another provider and not charging if nothing more is required from that doctor?

    I used to do some complementary consultations. This year after noticing it was taking paying clients several weeks to get on my calendar, I stopped providing any consultations without compensation.

    Leave a comment:


  • Craigy
    replied
















    Thoughts on insurance trust?  Combined spouse and I will have around 8 mil in life insurance.  Does it make sense to set this up?  It is a bit more complicated and may be more $ to setup.
    Click to expand…


    Sigh, it depends. I know you folks get tired of hearing that, but there are very few cut-and-dried answers. Beneficiaries matter, for example. Do you have small children? In the longer term, this is also dependent upon such information as the type(s) of insurance, your ages, and the size of your overall estate.

    That is a lot of payout – I recommend you review with your T&E planning attorney in conjunction with your CPA and/or financial planner.
    Click to expand…


    Very very small child.  Overall estate barely positive.

    I am not sure worth the extra expense and hassle. I have been researching this extensively.
    Click to expand…


    Find a good T&E attorney who will sit with you for a free initial consult and go over the pro’s and con’s. Like  q-school, $8M seems to be a bit of overkill (if you’ll pardon the pun), at least for the facts given.
    Click to expand…


    Do you want to consult from an attorney who gives away his knowledge or charges for it?

    A consultation with no charge sounds more like a sales pitch.
    Click to expand...


    Of course it's a sales pitch.  Attorney is trying to sell his or her services.  A free phone call or half hour consult is a cost of doing business.  If it leads to some work, great.  If it simply involves finding out and telling the client that they don't need services, refer business elsewhere, or a giving a simple quick solution to the client's problem, it builds goodwill.

    Leave a comment:


  • jfoxcpacfp
    replied


    Do you want to consult from an attorney who gives away his knowledge or charges for it? A consultation with no charge sounds more like a sales pitch.
    Click to expand...


    Well, I can only speak from my experience and maybe it's different in the legal community. We don't charge for an initial consult because that gives the prospective client an opportunity to find out if what we do is a good fit for what they want. At the same time, we're interviewing the prospective client for same. I would never charge for that.

    But you make a good point. A consult to go over the pro's and con's is an hour of free advice. While I actually don't balk at giving free advice in our initial appointment and answering a question here and there, the purpose is to determine if I can really be helpful and if we both find an ongoing relationship suitable. I can see that it would be different for a legal consultation since you would typically be approached for a one-time engagement. There's a fine line. I suppose it depends on how you define the initial meeting - if strictly for advice, getting paid for your time would make sense.

    Leave a comment:


  • thomashackett
    replied













    Thoughts on insurance trust?  Combined spouse and I will have around 8 mil in life insurance.  Does it make sense to set this up?  It is a bit more complicated and may be more $ to setup.
    Click to expand…


    Sigh, it depends. I know you folks get tired of hearing that, but there are very few cut-and-dried answers. Beneficiaries matter, for example. Do you have small children? In the longer term, this is also dependent upon such information as the type(s) of insurance, your ages, and the size of your overall estate.

    That is a lot of payout – I recommend you review with your T&E planning attorney in conjunction with your CPA and/or financial planner.
    Click to expand…


    Very very small child.  Overall estate barely positive.

    I am not sure worth the extra expense and hassle. I have been researching this extensively.
    Click to expand…


    Find a good T&E attorney who will sit with you for a free initial consult and go over the pro’s and con’s. Like  q-school, $8M seems to be a bit of overkill (if you’ll pardon the pun), at least for the facts given.
    Click to expand...


    Do you want to consult from an attorney who gives away his knowledge or charges for it?

    A consultation with no charge sounds more like a sales pitch.

    Leave a comment:


  • Rambo
    replied
    Does the attorney have to be admitted to bar in your state for this process? One attorney said yes, other said no - there is obvious bias but unsure of the answer...0

    Leave a comment:


  • Craigy
    replied
    As far as the will goes, write one now and revisit in a few years.  That's sort of how wills work anyway, it changes as your life changes.

    Leave a comment:


  • Rambo
    replied




    there is a trend where people here are trying to save pennies and not seeing the big picture.

    spend $250 on legal zoom or whatever or $1000 for a real life lawyer.

    if god forbid something were to happen, do you really want money to be tied up and no specific instructions on how to use the money?  do you want your crazy in laws to spend 8 million on themselves?  separate issue –With one very very small child, unless there are special needs or business needs for that money, it could be argued that 8 million is overkill.

    it is likely that you will have different uses for the money as kids mature and you mature.

    we are on our third will.  we have changed which in laws get the kids, how much discretionary income they get, the ages the kids get the money, how much is set aside for the in laws to use for ongoing costs of care, etc over the years.

    we still have testamentary trust-iow, trusts to be established if we both die.

    good luck!   hope you don’t ever need this plan, or at least not for a long time.

    don’t be so ruthlessly efficient!  sometimes throwing money at a problem is a good way to handle issues.
    Click to expand...


    But of course - I have already contacted multiple T&E attorneys and am getting conflicting answers.  Best to be educated about this stuff as much as possible.

     

    And $8mil is combined for both spouses, layered.  We are still considering.  Have not opted in yet.

    Leave a comment:


  • Kamban
    replied
    I learn something new every day, $8M in insurance. I would never have thought of such an amount in a life insurance policy at any time.

    Leave a comment:


  • jfoxcpacfp
    replied










    Thoughts on insurance trust?  Combined spouse and I will have around 8 mil in life insurance.  Does it make sense to set this up?  It is a bit more complicated and may be more $ to setup.
    Click to expand…


    Sigh, it depends. I know you folks get tired of hearing that, but there are very few cut-and-dried answers. Beneficiaries matter, for example. Do you have small children? In the longer term, this is also dependent upon such information as the type(s) of insurance, your ages, and the size of your overall estate.

    That is a lot of payout – I recommend you review with your T&E planning attorney in conjunction with your CPA and/or financial planner.
    Click to expand…


    Very very small child.  Overall estate barely positive.

    I am not sure worth the extra expense and hassle. I have been researching this extensively.
    Click to expand...


    Find a good T&E attorney who will sit with you for a free initial consult and go over the pro's and con's. Like  q-school, $8M seems to be a bit of overkill (if you'll pardon the pun), at least for the facts given.

    Leave a comment:


  • q-school
    replied
    there is a trend where people here are trying to save pennies and not seeing the big picture.

    spend $250 on legal zoom or whatever or $1000 for a real life lawyer.

    if god forbid something were to happen, do you really want money to be tied up and no specific instructions on how to use the money?  do you want your crazy in laws to spend 8 million on themselves?  separate issue --With one very very small child, unless there are special needs or business needs for that money, it could be argued that 8 million is overkill.

    it is likely that you will have different uses for the money as kids mature and you mature.

    we are on our third will.  we have changed which in laws get the kids, how much discretionary income they get, the ages the kids get the money, how much is set aside for the in laws to use for ongoing costs of care, etc over the years.

    we still have testamentary trust-iow, trusts to be established if we both die.

    good luck!   hope you don't ever need this plan, or at least not for a long time.

    don't be so ruthlessly efficient!  sometimes throwing money at a problem is a good way to handle issues.

    Leave a comment:


  • Rambo
    replied







    Thoughts on insurance trust?  Combined spouse and I will have around 8 mil in life insurance.  Does it make sense to set this up?  It is a bit more complicated and may be more $ to setup.
    Click to expand…


    Sigh, it depends. I know you folks get tired of hearing that, but there are very few cut-and-dried answers. Beneficiaries matter, for example. Do you have small children? In the longer term, this is also dependent upon such information as the type(s) of insurance, your ages, and the size of your overall estate.

    That is a lot of payout – I recommend you review with your T&E planning attorney in conjunction with your CPA and/or financial planner.
    Click to expand...


    Very very small child.  Overall estate barely positive.

     

    I am not sure worth the extra expense and hassle. I have been researching this extensively.

    Leave a comment:


  • Craigy
    replied
    People are still busy planning their estates despite possibility of legislation improving.  Definitely not as busy as pre-election or end of 2012, but still busy.

    Leave a comment:


  • jfoxcpacfp
    replied




    Thoughts on insurance trust?  Combined spouse and I will have around 8 mil in life insurance.  Does it make sense to set this up?  It is a bit more complicated and may be more $ to setup.
    Click to expand...


    Sigh, it depends. I know you folks get tired of hearing that, but there are very few cut-and-dried answers. Beneficiaries matter, for example. Do you have small children? In the longer term, this is also dependent upon such information as the type(s) of insurance, your ages, and the size of your overall estate.

    That is a lot of payout - I recommend you review with your T&E planning attorney in conjunction with your CPA and/or financial planner.

    Leave a comment:


  • Rambo
    replied
    Makes sense to get started now.

     

    Thoughts on insurance trust?  Combined spouse and I will have around 8 mil in life insurance.  Does it make sense to set this up?  It is a bit more complicated and may be more $ to setup.

    Leave a comment:

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